Basin rig count down slightly

September 10, 2018

The rig count in the Permian Basin is down by two from the prior week, the latest count by Baker Hughes shows, with 484 rigs active in the region.

Nationally, the oil and gas rig count is unchanged at 1,048 rigs. A year ago, 944 rigs were active. The count shows that 860 rigs sought oil, down two from the previous week, and 186 explored for natural gas, up two from the previous week. The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $67.75 per barrel, down $2.05 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $64.25 per barrel, down $2 from the previous week.

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